Economic Thought Since Keynes: A History and Dictionary of by Michel Beaud

By Michel Beaud

Fiscal inspiration considering that Keynes offers a concise assessment of adjusting monetary suggestion within the latter a part of the 20 th century. half I is an old account of monetary notion. half II is an research in their contribution to fiscal notion and a consultant to the secondary literature.

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Keynes was an exceptional person and, besides, he wrote at the right time, in the right place and in the right language. Polish, Swedish, Norwegian and Dutch were not as effective vehicles as English, the long dominant language in the field of political economy. Finally, Keynes always knew how to publish his works at key moments and to ensure that, when they did appear, they were eagerly awaited. It is difficult to know the respective parts played by chance and calculation in all of this, but it is undeniable that each publication by Keynes, at least since The Economic Consequences of the Peace, constituted a public event.

See Hayek, ‘The “Paradox” of Saving’, Economica, vol. 11, 1931, 125–69. 15. For example, see the letter in which Keynes, Pigou and other economists denounced the orthodoxy, in the 17 October 1932 issue of The Times, and the response of Hayek, Robbins and their friends, on 19 October. 16. See his ‘Professor Hayek and the Concertina-Effect’, Economica, vol. 9, 1942, 359–82. 17. The Ekonomisk Tidskrift issue in which the first version of Myrdal’s text was published was dated 1931, but was in fact released in the summer of 1932.

Keynes was not one to hesitate before difficult turns in the road nor to flinch before challenges to his sincerely held beliefs. This was the struggle in which Keynes was involved throughout his career, a fight in which, however, he preferred the pen to the sword. In this combat, he had tough opponents who occasionally admired him and would in some cases even rally round him, and had committed, at times almost cumbersome, disciples. Let us look first at his principal opponents. From Vienna to London6 For Keynes and his friends, all that counted, on a scientific level, was taking place within a triangle whose vertices were Cambridge, Oxford and London —Cambridge of course being the most important one.

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